After rumors swirled that Alexander Wang would take over the fashion-forward design house post Nicolas Ghesiquière's departure, it's now confirmed, according to Women's Wear Daily (WWD).

What does this mean for you? "The choice of Wang suggests Balenciaga might wish to dial down the elitist, couture-like approach of Ghesquière, and open up to a broader audience with a designer prized for his sportswear approach and youthful energy," reports WWD.

This also means we might see Kristen Stewart—who is the face of Balenciaga's new women's fragrance and was a HUGE fan of Nicolas Ghesiquiere's work at the brand—stepping out in his wares on the red carpet, which we kind of can't wait to see.